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AI brief of an SEC Form 8-K · Millrose Properties (MRP)

Millrose Properties Q4 net income $0.74 per share; 2026 outlook implies about 10% AFFO growth

Positive Impact 3 of 5 earnings Written later

Millrose Properties reported fourth-quarter 2025 net income of $122.2 million, or $0.74 per share, and AFFO of $0.76 per share, with full-year 2025 net income of $379.9 million, or $2.44 per share. The company expects to deploy about $1 billion of additional invested capital by mid-2026, with up to $2 billion of total net new capital deployment for full-year 2026, which it says implies about 10% year-over-year AFFO per share growth.

Key points

  • Q4 2025 net income attributable to common shareholders was $122.2 million, or $0.74 per share; Q4 AFFO was $125.6 million, or $0.76 per share.
  • Full-year 2025 net income was $379.9 million, or $2.44 per share; full-year AFFO was $427.9 million, or $2.58 per share.
  • 2026 outlook targets a second-quarter 2026 exit AFFO run rate of $0.78 to $0.80 per share and up to $2 billion of net new capital deployment for the full year.
  • Invested Capital outside the Lennar Master Program Agreement reached about $2.4 billion, above the $2.2 billion stretch target; the filing reports zero option terminations.

The filing

CompanyMillrose Properties (MRP)
Form8-K, current report
Filed with the SECFeb 26, 2026, 9:32 AM ET
Accession number0001193125-26-073913

Items reported: 2.02 Results of Operations7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:01 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 26, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.